Subtitles of the Movie

In this movie we'll go through a set of bonus exercises found within your Workbook. These include updates made to the Risk Register throughout it's life span. We're going a bit out of risk analysis boundaries here but it covers the first two courses and forces you to start thinking and making connections about the material on Part 3 of the course series. The exercise was for each update name the process. Our first update is Symptoms and Warning Signs of Risk. The process is Plan Risk Responses, and these indicate that a risk is about to materialize or happen. Our second update is: List of Identified Risks. This occurs as a result of identify risk process. Number 3: Contingency Reserves and Plans. This is a result of plan risk responses process and this talks about an amount set aside to specifically deal with risks. Number 4: Ranking or Priority List of Risks. That's out of the perform qualitative risk analysis process, and this is the initial prioritization of the risk. Number 5: Probabilistic Analysis of the Project. This refers to perform quantitative risk analysis, and these generate estimates of potential project schedule and cost outcomes. Number 6 says: Risk Owners and Responsibilities. That's as a result of a plan risk responses process, and this is different than Owners of Risk Activities. This refers to owners and responsibilities for actual risk. Seven says: Probability of Achieving Cost and Time Objectives. This is as a result of perform quantitative risk analysis, and this is just as it sounds, which is determining the probability of meeting the schedule and staying within budget. Number 8: Actual Outcome of Risk. This is as a result of monitor and control risk process, and this is the documentation of the outcome of the actual risk. Next we have the Watch List; this is as the result of perform qualitative risk analysis, and this is referring to low priority risk and we'll need to monitor these risks throughout the project in case the status of a risk changes and needs to be put back through the risk management processes. Number 10 says: Agree upon Response Strategies. This is as a result of plan risk responses, the strategies for dealing with risks. Number 11: List the Potential Responses. This is as a result of the identify risk process and notice that this says potential. Remember that we document potential responses as we identify risks when they're available. These are then used to develop the actual responses. And 12, it says: Secondary and Residual Risks, and this update is a result of plan risk responses process. Notice that there are a lot of updates that occur as a result of plan risk responses. The secondary risk refers to risks that come as a result of implementing a risk response, and residual risks are risks that remain after risk response plans have been implemented. Think of this one as leftover risk. The update for 13 is: Risk requiring a near term response. This is a result of perform qualitative risk analysis, and these are the risks that have a timed response or are considered urgent. Update 14 says: Actual outcomes of Risk Reassessment, Risk Audits, and Risk Reviews. This is updated as a result of monitor and control risk and is just as it sounds Ð documented outcomes of risk management efforts that take place during this process. Next we have Fallback Plans. These are a result of plan risk responses. Think of this as the plan B. This is implemented when other plan strategies were ineffective and these are still considered to be planned responses. I always recommend making flash cards of these two. Don't forget to refer to the Risk Register Update cycle within your Work Files. This is a condensed list of what you do have in your Work Files, but captures the main updates from each process. And that concludes this review of the Bonus Exercises.